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Everyone needs an estate plan. After we pass away, everything we own, all our financial accounts, personal belongings, and real estate needs to transfer to someone else.

An estate plan helps you two primary ways. First, it allows you to designate a friend or family member, or in some cases, an attorney or a company to serve as an executor or trustee to oversee and administer the transfer of your assets when you pass away. Secondly, an estate plan directs how and to whom you would like your assets to pass.

There are two primary reasons to create an estate plan. First, creating an estate plan allows you to make decisions while you're alive to make sure you're comfortable with what will happen after you pass. Secondly, it allows you to plan for any potential incapacity you may encounter. Incapacity planning is a critical part of the estate planning process allowing you to identify those individuals that will care for your finances and your health once you can no longer care for yourself.

Each state has laws that direct how assets should pass. However, state laws don't always reflect how we want our assets to pass. If you want to be in control and have an influence over this process, then you need your own estate plan.

There are three steps. First, get organized. Develop a balance sheet or network statement that identifies all of your assets. Secondly, think about who in your life you would like to receive your assets when you pass away. In many cases, that's a spouse, children, other loved ones, or charities. And, lastly, select the individuals that you would like to help oversee the entire process. That's the role of the executor or personal representative, and if it's a trust, it's a trustee.

There are four ways. First, by contract, which in most cases means by a beneficiary designation. Next, by operation of law, which means under certain forms of ownership, such as a joint account with right of survivorship for example, interest automatically transfers to the surviving joint owner. Third, by use of trusts. When we pass away, assets titled to a trust will transfer based on the instructions that are included in that trust. The trustee is legally bound to follow the instructions and carry out your wishes. Lastly, by probate. Probate is a legal process involving the local probate courts. The process is supervised by the courts, requires filings, fees, and timelines that are not always predictable or convenient.

Estate tax strategies focus on shifting asset ownership and control to intended beneficiaries during our lifetime or using the estate tax exemption to transfer assets upon death and sometimes a combination of both. There are two ways to gift without incurring gift taxes during your lifetime. First, utilize an annual exclusion gift, which is set to a specific dollar amount per year per donee. Or, utilize the unified lifetime estate and gift tax exemption.

For those facing a potential estate tax liability, trusts can play a tax minimization role. Families may want to transfer assets during their lifetime. The family could transfer assets to an irrevocable trust, which is a separate legal entity for the benefit of their children for example. With this strategy, the assets and all future appreciation on those assets are no longer a part of the estate because the assets are owned by the trust. Keep in mind some states have an estate or inheritance tax to consider as well.

Get the basics down. Make sure you're organized, understand what you own, and have your accounts titled or owned properly with beneficiary designations. Reach out to us. We have a free consultation where we can discuss your situation and offer advice on how to move forward with planning.

A last will and testament ensures that your wishes for the distribution of your assets are carried out as specified. Having a will in place at the time of your death can also take some of the burden off your family, reduce conflict, and allow you to name guardians for your minor children and pets.

Trusts are valuable estate planning tools that may serve a few different purposes in your estate plan. Depending on the type, a trust may offer certain tax benefits, allow some assets to avoid going through probate, provide for minor children or family members with special needs, and may offer other benefits for you and your family. Hearthstone Law can look at your specific situation and advise you on which type of trust best suits your needs.

If you’re concerned about providing for a disabled loved one, creating a special needs trust can give you peace of mind and ensure they’re well taken care of after you’re gone. A special needs trust is a financial arrangement that’s designed to provide supplemental financial support for people with disabilities while maintaining their eligibility for government benefits.

When a person lacks the legal capacity to manage their own affairs, they may need to have a guardian or conservator appointed for them. Hearthstone Law can assist you with the process and help you gain a deeper understanding of how guardianships and conservatorships work.

Power of attorney gives you the ability to give another person the authority to make certain financial and health care decisions on your behalf in the event of your incapacitation.

An advance directive allows you to state your wishes regarding end-of-life treatment and decisions. It also enables you to appoint a health care representative who ensures these decisions are carried out according to your wishes.

Probate is a legal process in which the court oversees the distribution of assets left by someone who has passed away. Regardless of whether a will is in place, estates in Oregon cannot be distributed without the final approval of a probate judge. Probate can be a complex, costly process. Hearthstone Law can guide you at an already difficult time and help the process run more smoothly.